Category: Economy
Earnings from exports increased by 10-pct to USD 1.2Bn in August
Earnings from the merchandise exports increased by 10.24 % y-o-y to US$ 1,213.7 Mn in August 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles. The EDB Chairman & CE, Suresh D. de Mel, congratulates the exporters for […]
NCPI based headline inflation at 70.2-pct in August 2022
Headline inflation, as measured by the year-on-year change in the National Consumer Price Index increased to 70.2% in August 2022 from 66.7% in July 2022. This increase in Y-o-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 84.6% in August 2022 from 82.5% […]
Sri Lanka can learn from Hyderabad to strategize its economic turnaround: Hilmy Cader
According to MTI Consulting, Sri Lanka is facing a ‘Perfect Storm’, a concurrence of multiple socio-economic challenges that has dealt an unprecedented blow to the country. “This is also a great opportunity to dismantle incremental legacy strategies. Instead, go ‘Ground Zero’ and approach it as building an entirely new economic model,” said Hilmy Cader, CEO […]
USAID signs new five-year agreement with Sri Lanka
Building on the USAID Administrator Samantha Powers’s recent visit, US Ambassador to Sri Lanka Julie Chung announced today that the United States, through USAID, will provide an additional estimated $65 million (more than 23 billion Sri Lankan rupees) in assistance to Sri Lanka over a five-year period. The assistance falls under the Development Objectives Assistance […]
USD 203Mn from ADB & JFPR for Food Security & Livelihood Recovery Emergency Assistance Project
The Government of Sri Lanka is planning to borrow USD 200 million from the Asian Development Bank (ADB) to finance the implementation of Food Security and Livelihood Recovery Emergency Assistance Project which is expected to ensure access to food and protect livelihoods of the poor and vulnerable, especially women and children. The loan of USD […]
Multiple crises halt progress as 9 out of 10 countries fall backwards in human development, Report
The world is lurching from crisis to crisis, trapped in a cycle of firefighting and unable to tackle the roots of the troubles that confront us. Without a sharp change of course, we may be heading towards even more deprivations and injustices, warns the United Nations Development Programme (UNDP). The latest Human Development Report, “Uncertain […]
Exporters urge product testing laboratories to pull up their socks
Sri Lanka’s leading food and organic product exporters urged the nation’s premier product testing laboratories to enhance their levels of efficiency and effectiveness to enable them to provide a superior service to their overseas customers. These sentiments were aired at a meeting organized by the Sri Lanka Export Development Board (EDB) on 30th August, 2022, […]
CA Sri Lanka felicitates new Commissioner General of Inland Revenue; inaugurates tax symposium
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently felicitated the newly appointed Commissioner General of Inland Revenue Ranjith Hapuarachchi and inaugurated its first ever tax symposium on the theme “Prudent Tax Policies for Economic Stability.” The event was held in the presence of Sanjaya Bandara, President of CA Sri Lanka, Heshana […]
‘s export earning up 12.9-pct from Jan-Jul
Earnings from exports increased in July 2022, while import expenditure declined for the fifth consecutive month, on a year-on-year basis. The notable decline in import expenditure in July 2022 reflected the impact of overall moderation of activity amidst forex liquidity strains in the banking system, while the policy measures to curtail non-urgent import expenditure also […]
Onus on Debt Negotiations after Sri Lanka’s IMF Staff Agreement: Fitch Ratings
The IMF staff-level agreement with Sri Lanka on a USD2.9 billion programme, confirmed on 1 September, appears to signal a sharp change in policy settings in order to achieve macroeconomic stability, including through large fiscal adjustment, greater exchange-rate flexibility and more central bank autonomy, says Fitch Ratings. This should facilitate negotiations with official and private […]
‘s debt restructuring
Japanese Finance Minister Shunichi Suzuki on Friday urged all creditor nations to discuss Sri Lanka’s debt restructuring, the Reuters news agency reported. “It’s important for all creditor nations, including China and India, to gather to discuss Sri Lanka’s debt restructuring,” Suzuki told a news conference. Sri Lanka has reached a preliminary agreement with the IMF […]
Ceylon Chamber congratulates Govt on reaching Staff-level Agreement with IMF
The Ceylon Chamber of Commerce congratulates the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury and other key officials on reaching a staff-level agreement with the IMF for a 4-year Extended-Fund Facility program(EFF). We hope that the next steps in gaining IMF board approval for […]